Ans: Qualifying guidelines for a loan are based on income, employment, credit history, and assets and liabilities of the borrower. To qualify for a loan simply means that you meet the guideline standards. Different loan programs will have different guidelines.

Ans: Your loan officer should disclose to you terms of your loan. This should include the interest rate, length of loan, type of loan (ARM or fixed, etc.) They should also disclose if there is a pre-payment penalty.

Ans: Interest rates fluctuate. When you "lock in" a loan you keep the rate from going up. You can lock in points as well. Make sure to ask your loan officer if lock in fees apply.

Ans: Discount or origination points are prepaid mortgage interest points that lower your interest rate on your loan. Ask your loan officer to explain these and how they will impact the interest on your loan as well as your monthly payment.

Ans: Typically you will need documentation that verifies employment, income & assets, and identity. These will usually include: 1. Social Security number (copy of card) 2. Drivers License, State ID, (copy of photo ID) 3. Pay stubs for most recent 2 months 4. 3 Months most recent bank statements. 5. W-2 for last 2 years 6. Tax returns for last 2 years 7. Information on current debt (current mortgage statement if refi., credit card account numbers, etc.) 8. Signed contract (for purchase)

Ans: You do not pay to apply. You will however pay for your credit report. Once you have received a copy of your Truth-In-Lending disclosure and give approval for us to continue with the loan process, you will also pay for the appraisal.

Ans: The approval time can vary. It is typical to have an approval within 7-10 days. However, by furnishing all requested information as accurately as possible will speed up this time.

Ans: Inaccurate information is usually the cause of delays in obtaining approval on a loan. If an underwriter finds inaccuracies in the information, a debt not disclosed, switching jobs, or unpaid debt not disclosed can all delay an approval.

Ans: That will vary. Depending on obtaining appraisals and title searches it can be anywhere from 15 - 45 days. We do all we can to make sure we can close at the time you need.

Ans: There is not a set amount. You may be surprised to learn that several first-time homebuyer programs offer as little as 3.5% down. One thing to keep in mind...if you put down less than 20% you will likely need to have Private Mortgage Insurance.

Ans: That is determined by the amount of your down payment(purchase), closing costs, and prepaid items (taxes and insurance escrows). You will receive a Good Faith Estimate (GFE)which will have your total costs listed. You will receive a GFE within 72 hours of applying (usually at time of application.) You will receive a final GFE before closing that will have the exact out-of-pocket totals on it.

Ans: To determine the best loan program for you ask yourself the following: 1. How long do you plan to stay in your house? 2. Which is more important, lower closing costs or lower monthly payments? 3. Will my income increase or decrease in the next 3-5 years? 4. Am I ok with my mortgage payment potentially increasing? Talk this over with your loan officer.

Ans: With an ARM the interest rate can increase or decrease over the life of the loan, depending on the terms. This will affect how much your payment is. With a Fixed Rate Mortgage the interest remains the same over the life of the loan. This keeps your payment the same.

Ans: A jumbo loan is one that exceeds the maximum agency (Fannie Mae, Freddie Mac) mortgage amount guidelines for a conventional loan.

Ans: A conventional loan is a fixed rate loan set over a specific period of time. It is not guaranteed by VA or insured by FHA, FMHA or State Bond Agencies. It is secured by a mortgage of deed of trust with an acceptable loan-to-value (LTV) range.

Ans: No. There are other factors involved in approving a loan application. We understand that people experience difficulties. We take into account those experiences, as well as your ability to make your payments on time in the future.

Ans: Your credit report shows a lender how you have handled your financial obligations in the past. It also shows how much of your income is available to pay your mortgage payment.

Ans: Several factors go into a persons credit score. A credit report contains explanations of what lowers the score on the individual. The most common explanations are: 1. Serious delinquency 2. Serious delinquency and public record or collection filed. 3. Time since delinquency is too recent or unknown. 4. Derogatory public record or collection filed. 5. Level of delinquency on accounts 6. Number of accounts with delinquency 7. Amount owed on accounts 8. Balance to credit limits on revolving accounts is too high 9. Length of time account has been open 10.Too many accounts with balances

Ans: No. Your income will affect the amount of the loan you will be able to qualify for. It does not affect your credit score.

Ans: Yes. Limit the number of inquiries into your credit. Pay any recent delinquencies as soon as possible. Check your credit report for inaccuracies. Make sure you make your payments on time. Do not max out credit cards. Low balances will greatly improve your score.